- Prior was +0.1%
- Prices +6.1% y/y vs +6.0% expected
- Prior was +5.4% y/y
The house price data from the FHFA:
- Prices up 0.1% m/m
- Prices up 6.6% y/y vs 6.7% prior
- Index at 417.8 vs 417.4 prior
There are some early signs of some softening in demand for US houses, likely in response to climbing long-end rates. There's a real demand cliff as rates hit 7% or 7.5%. I suspect there's another cliff if they get to 8%.
